UK - The plight of scheme members who lost their pensions when their firms collapsed spurred the government to protect others, pensions minister Malcolm Wicks.
But he repeated that the new Pensions Protection Fund could not be used to help the workers whose problems were the driving force behind it.Wicks says people have a right to expect security in old age and have every right to be angry when that is “suddenly taken away”.
But he adds: “The PPF is an insurance scheme – and no insurance scheme can cover against events in the past.”
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.